U.S. Stocks Rebound From Selloff as Banks, Energy Shares Gain

U.S. stocks advanced, rebounding on the final day of the quarter, as energy and financial shares rose amid speculation the biggest selloff for equities in more than a year was overdone.

The Standard & Poor’s 500 Index rose 0.7 percent to 2,071.79 at 9:34 a.m. in New York. The benchmark slid the most since April 2014 on Monday, wiping out the year’s gain amid Greek debt turmoil.

The S&P 500’s drop Monday left it down 0.5 percent for the last three months, threatening to halt a streak of nine straight quarterly gains, the longest run since 1998. The index had climbed as much as 3 percent during the period, boosted by health-care companies amid merger activity, and as banks rallied with rising bond yields.

The gauge last week came within a point of its all-time high before slipping amid concerns that Greece wouldn’t reach a deal with its creditors before its bailout expires today.

Source: Bloomberg

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Sumber : bpfnews.com

European Index Futures Signal Stocks to Extend Selloff on Greece

European stock-index futures slid, indicating equities will fall for a second day, as investors weighed whether Greece will default on a payment due Tuesday.

Contracts on the Euro Stoxx 50 Index expiring in September lost 0.5 percent to 3,449 at 7:06 a.m. in London. Greece spurred a $ 1.5 trillion global equity rout on Monday after it called for a July 5 referendum on creditor demands, closed its banks and exchange and imposed capital controls.

Greece is on course to withhold a 1.5 billion-euro ($ 1.7 billion) payment to the International Monetary Fund due Tuesday. Starting at midnight, it will also no longer be formally under the protection of a euro-area bailout program. Prime Minister Alexis Tsipras told ERT TV that European leaders wouldn’t throw his country out as the cost would be too high.

The Stoxx Europe 600 Index plunged the most in eight months yesterday, with equities in Spain, Portugal and Italy leading losses. The Athens Stock Exchange will remain closed during a bank holiday lasting until July 6.

The European Central Bank will maintain so-called Emergency Liquidity Assistance for Greek lenders “until further notice,” its Executive Board member Benoit Coeure said. A political deal to keep Greece in the euro is still possible if its people vote in favor of austerity demands in the referendum, he said.

Source: Bloomberg

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Japanese Stocks Rise, Recovering From Worst Rout in Six Months

Japanese stocks rose as investors looked for bargains after concern that Greece will exit the euro prompted the worst sell-off since January.

Aeon Co. jumped 6.8 percent after a report the supermarket operator’s quarterly profit will increase 50 percent. Shionogi & Co. surged 7.8 percent after Credit Suisse Group AG upgraded the drugmaker. Railway stocks maintained gains even after a passenger set himself afire and died aboard a bullet train. Sony Corp. plunged 8.3 percent after announcing it will issue shares and bonds to fund business expansion.

The Topix climbed 0.3 percent to 1,630.40 at the close in Tokyo after falling 2.5 percent on Monday, the most since January. The measure finished the quarter 5.7 percent higher. The Nikkei 225 Stock Average added 0.6 percent to 20,235.73.

Source: Bloomberg

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